The Spanish trade will develop by 1.8% in 2024 because of the progress of prescription drugs and regardless of the weak point of textiles | EUROtoday

“The spanish industry makes its way despite all the setbacks.” This is without doubt one of the predominant conclusions of the brand new Sector Observatory launched this Saturday by CaixaBank Research, wherein it initiatives a 1.8% progress for the nation's manufacturing trade this 12 months and a 2% rebound subsequent 12 months, a dynamism that can be pushed by the branches chemistry y pharmaceutical.

The trade It is without doubt one of the sectors that has suffered essentially the most in recent times. In the years after the monetary disaster, it progressively misplaced weight within the nation's GDP and employment and, after the outbreak of covid-19, it has been the sector that has taken the longest to get well pre-pandemic ranges: in keeping with the information of Quarterly National Accounting of the INE, has not achieved it till the primary quarter of this 12 months.

“The supply disruptions of Value chains globally, a sharp increase in costs (energy and other inputs), the impact of the increase in interest rates and the slowdown of the external demand“These are among the blows that the sector has suffered in 2023, wherein it managed to keep up its ranges of exercise and employment, however suffered a pointy drop in exports, of seven.6% in quantity, weighed down by the rise in prices and the weakening of demand from our buying and selling companions.

Las remaining The most affected by these issues have been the agri-food, extractive, building auxiliary, textile and footwear industries, and paper and refining industries; But in latest months CaixaBank consultants detect “a clear improvement” and that “there is no longer any that is in a situation of strong weakness.”

This is nice information provided that the trade is without doubt one of the most productive within the nation, with essentially the most worthwhile enterprise material (far more than providers, the countryside or building) and that generates extra added worth. The whole European Union dedicated to working in order that the trade would attain 20% of the GDP of all member states, however that purpose remains to be very far-off.

In the primary months of 2024, the economic system as an entire reveals indicators of enchancment. In truth, Germany and France have overtaken Spain within the proportion of financially weak firms. According to the CaixaBank visitors mild, round one 60% of sectors keep progress secureMeanwhile he 40% remaining nonetheless displaying indicators of weak point. This {photograph} offers two readings: the optimistic one is that there isn’t any sector in a scenario of 'robust weak point'; The damaging is that there are none in 'growth' or 'robust growth' both.

If the scenario is analyzed sector by sector, it’s noticed that the chemical and pharmaceutical trade They are those that may register the best growth this 12 months. Since the pandemic they’ve skilled very notable progress – 5.3% in 2021; 6.5% in 2022 and eight% in 2023 -, and for this 12 months and the subsequent they foresee will increase of 5% in each circumstances. This dynamism is influenced by the rise in manufacturing capability that occurred through the pandemic – of medicines, vaccines and medical provides – and the reuse that has been made from its infrastructure, in addition to its orientation to the overseas market.

“In the last 25 years, the industry pharmaceutical has won one enormous relevance, becoming an important driver of Spanish exports and private investment in R&D. Its high competitiveness in international markets and its high degree of specialization suggest that the sector has room for growth,” they level out.

The textile trade, in difficulties

Information and communication applied sciences may also current excessive progress (TIC) {and professional} providers, whose exports have grown strongly in recent times, compensating for the weak point of exports of products and merchandise; tourism and building.

Back within the trade, the agrifood now start to get well extra normalized exercise ranges after the falls in 2022 and 2023, of 19.8% and a couple of% respectively, due to the truth that manufacturing prices (power, fertilizers, feed, and many others.) have stabilized. . “However, the sector continues to be greatly affected by the drought that a good part of the Spanish territory is suffering and its evolution continues to be highly dependent on the improvement of meteorological conditions and the sector's capacity to adapt to climate change. The agri-food industry will follow a recovery trend, in line with the evolution of primary sector production and the decline in the prices of its inputs,” they level out.

Las textile and paper industries, For your half, you can be those who current the best weak point within the subsequent workout routines. Not in useless does CaixaBank place them in a contraction part: “they present less favorable secular trends due to the high level of international competition and structural cost pressure, with respect to these competitors. Although these industries will benefit from a more stable price environment of energy, the structural challenges they face will likely continue to limit their capacity for growth at the aggregate level.

The textile and footwear industry has had four consecutive quarters with a drop in Gross Added Value, according to the report, a decline that is consistent with the change in consumption pattern that has occurred after the pandemic, with a clear preference for the consumption of services (leisure, restaurants, travel) over goods (in which clothing previously played a relevant role).